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Dubai / Emirates Business
The combined value of the 361 active oil and gas projects in the GCC has crossed $331.4 billion (AED1.21 trillion) in November 2017, according to latest Oil and Gas Construction Analytics report issued by BNC Network, the largest and most comprehensive project research and intelligence provider in the Middle East and North Africa (MENA) region. Hydrocarbon sector represents as much as 30 percent of the GCC economy and 60 percent of the total exports value.
The construction projects of the GCC’s oil and gas sector constitutes 2 percent of all active projects in the region and in dollar terms, while these projects account for 14 per cent of the total estimated value, that reflects relatively high value of average energy projects, compared to other civil engineering and construction projects.
“World oil demand growth in 2017 is now expected to increase by 1.5 million barrels per day (bpd), representing an upward revision of around 30 tb/d from last previous report, mainly reflecting recent data showing an improvement in economic activities, according to the latest Monthly Oil Market Report (MOMR), issued in October by Organisation of Petroleum Exporting Countries (OPEC).â€
“In the third quarter of 2017, 17 projects with a combined estimated value of $22.05 billion were announced in the GCC’s oil and gas sector, despite a low-oil price environment where oil price has been hovering around the psychological mark of $50 per barrel,†the latest Oil and Gas Construction Analytics issued by BNC Network, shows. “In the third quarter of 2017, number of oil and gas projects in the GCC increased 6 percent as compared to the second quarter of 2017 and the total estimated value of these projects increased by 5 per cent.â€
A total of 10 oil and gas projects with a combined estimated value of $5.6 billion moved to construction from other stages during Q3
of 2017. A total of 15 oil and gas projects with a combined estimated value of $9.9 billion were completed during Q3 of 2017.